Russia’s Crude Shipments Rebound Ahead of Trump Sanctions Threat

Russia’s crude exports hit a one-month high, driven by a surge in weekly flows that coincided with a sharp drop in refinery runs. The increase came before President Donald Trump’s threat of secondary tariffs on buyers of Russian oil if Moscow fails to make a swift peace with Ukraine.

Seaborne crude cargoes averaged 3.23 million barrels a day in the four weeks to July 13, up by 3% from the period to July 6, tanker-tracking data compiled by Bloomberg show. On this measure, flows reversed the previous week’s drop and rose to the highest since the period ending June 15 and are just above their year-to-date average.

Russian refineries ...